In the law of secured transactions, BIOCOB refers to a “buyer in the ordinary course of business.” There are certain elements that a buyer must meet to qualify as a BIOCOB. The buyer must purchase particular goods in good faith, without knowledge that the sale violates another individual's rights in the goods, and the buyer must buy the goods in the ordinary course of business from someone who sells that particular type of goods.
See e.g., Philko Aviation, Inc. v. Shacket 462 U.S. 406 103 S.Ct. 2476
[Last updated in July of 2022 by the Wex Definitions Team]
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